BRICS nations announced a new currency designed to replace the dollar.The creation of this new gold and commodity backed currency will be discussed at the BRICS summit this August.
BT’s Kei Pritsker explains how this new currency could overturn the hegemony of the US dollar.
Are you sure? I only been there in 2005 and I’m pretty sure we used euros already
Pretty sure, I live here :). You can pay in most bigger shops and tourist spots in euros, but the main currency is Czech Crown.
Guess my memory is worse than I thought. Thank you for the correction
Slovakia uses EUR though, so maybe it was that. Overall, you can see the trend among the newer EU countries to not adopt EUR, most likely because they are aware it’s essentially the extractive tool, and coincidentally, IMF did it themselves by installing strict monetary neoliberals in those countries after destruction of socialism. Hell even in Poland one of the the strongest voices against the EUR was the infamous balcerowicz.
Anyway, about topic, i don’t think the new currency is intended to replace national currencies, being backed by gold would precluded that, rather it would be nonphysical medium of exchange, and it could also probably function as safeguard for entire block in case of still strong western financiere try to do something funny (financial attack is an old trick by imperialists, going as far as XVIII century).